Maine Community Foundation's Bequest Language
Bequest Benefits
A bequest is generally a revocable gift, which means it can be changed or modified at any time.
You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended.
Charitable bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Types of Bequests
There are a number of ways you can make a bequest to the Maine Community Foundation.
Specific Bequest. A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or $10,000 to the Maine Community Foundation.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Maine Community Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the Maine Community Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you may wish to leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the Maine Community Foundation.
Unrestricted Bequest. An unrestricted bequest is a gift made for the Maine Community Foundation's general use and purpose as determined by the Board of Directors.
Restricted Bequest. A restricted bequest is a gift made to be used for a designated purpose. For example, you may wish to make a gift to the Maine Community Foundation to be added to an existing MaineCF charitable fund or to create a donor-advised fund, designated fund, field-of-interest fund or a scholarship fund. We would be happy to work with you and your attorney to craft language to accomplish your goals.
Percentage Bequest. Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to the Maine Community Foundation.
Residual Bequest. A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to the Maine Community Foundation.
Contingent Bequest. A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you may wish to leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the Maine Community Foundation.
Unrestricted Bequest. An unrestricted bequest is a gift made for the Maine Community Foundation's general use and purpose as determined by the Board of Directors.
Restricted Bequest. A restricted bequest is a gift made to be used for a designated purpose. For example, you may wish to make a gift to the Maine Community Foundation to be added to an existing MaineCF charitable fund or to create a donor-advised fund, designated fund, field-of-interest fund or a scholarship fund. We would be happy to work with you and your attorney to craft language to accomplish your goals.
Sample Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to the Maine Community Foundation in your estate plan. We would be happy to work with you and your attorney to help you identify ways to give to meet your charitable objectives. We have provided some sample bequest language to assist you and your attorney for gifts of cash, bank accounts and marketable securities. For other types of gifts, such as real estate or business interests, please contact us to discuss the appropriate gifting language.
1. Unrestricted, left to the discretion of the MaineCF Board of Directors
I give, devise and bequeath [insert a description of asset, dollar amount, percentage amount or a stated portion of the residuary estate] to the Maine Community Foundation, Inc. (EIN 01-0391479), a public charity based in Ellsworth, Maine, for its charitable purposes.
2. Unrestricted, but named in memory or in honor of a person
AS #1 ABOVE, PLUS: I desire that this bequest be used to establish a component fund to be known as the "[NAME] FUND" (any name you desire).
If the amount of the bequest meets the minimum contribution requirements of MaineCF, the donor may create a separate fund by name and purpose. We encourage individuals or their attorneys to review the details of these arrangements and fund minimums with MaineCF staff.
3. Bequest to establish a donor-advised fund
AS #1 ABOVE, PLUS: I desire that this bequest be used to establish the "[NAME] FUND" (any name you desire) to benefit nonprofit and public organizations in Maine or elsewhere. In designating organizations to receive grants from the Fund, MaineCF is requested to act upon suggestions submitted in writing by the following: [insert names of advisors].
4. Bequest to designated organizations
AS #1 ABOVE, PLUS: I desire that the proceeds of this fund be used to support the [name(s) of the organization(s) you wish to benefit]. Note: should your designated organization cease to operate, your fund will be directed to an organization with a related mission.
5. Bequest for a specific field of interest
AS #1 ABOVE, PLUS: I desire that the proceeds of this bequest be used to support projects and organizations in the field of [personal field(s) of interest or geographic area(s), e.g., education, environment, arts, or a specific Maine county].
6. Bequest for a scholarship fund
AS #1 ABOVE, PLUS as described in a fund agreement on file at the Maine Community Foundation. Note: due to the complexity of scholarship funds, we ask that you complete a separate fund agreement with MaineCF before including this option in your will or trust.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give the Maine Community Foundation flexibility should it no longer be possible for the Maine Community Foundation to use your gift as you originally intended:
If, in the judgment of the Board of Directors of the Maine Community Foundation, it shall become impossible for the Maine Community Foundation to use this bequest to accomplish the specific purposes of this bequest, the Maine Community Foundation may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
Contact Us
Please contact us if you have any questions about how to make a bequest to the Maine Community Foundation or to request any additional information that might be helpful to you and your attorney as you consider making a bequest to us.
If you have included a bequest for the Maine Community Foundation in your estate plan, please contact us to let us know. We would like to thank you and recognize you for your gift.